Demand for used EVs has begun to exceed supply – Indicata

DEMAND for used EVs has been so high since the Middle East conflict forced up petrol and diesel prices that the market is now in short supply, according to Indicata’s latest Market Watch used car report.

EVs were the third best-selling powertrain in early May, accounting for 11.1% of all used cars sold in the UK, while petrol cars accounted for 43.3% and diesels 22.4% in first and second place. Meanwhile, sales of plug-in and mild hybrids fell back into fourth and fifth place respectively.

The growth in popularity of used EVs was further reinforced by Indicata’s top three fastest-selling used cars being all electric with the Volvo C40 topping the list followed by the BMW iX3 and Cupra Born.

The Market Days’ Supply (MDS) of used EVs fell again in May to a record low of 29 days from 41 days in April. That means the UK has just 29 days of used EV supply left if the sales stay at their current level. This figure remains the lowest in the 16 European countries Indicata publishes its Market Watch report for the second month running.

MDS is derived from dividing the current supply of inventory by the average daily retail sales rate over the past 45 days. A lower number signifies high demand and quick sales.